tv Squawk Alley CNBC December 31, 2014 11:00am-12:01pm EST
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welcome to "squawk alley." dow is up 50 some odd buoyapoin. kayla tausche is where me here. ru russell just hit an interday high. >> dow and s&p up. market trying to finish in rally mode really bucking what oil prices and energy are doing today. >> nobody wants to see --. gold also down. joining us this morning, walt mossberg. >> happy new year guys. >> first up the "wall street journal" out with a great read behind the scenes at sony as that massive hack unfolded with computers and land lines down the company was forced to improvise with cell phone, gmail, physical note pads, the
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studio also found a bunch of old blackberries which still worked. coincidentally we did ask blackberry ceo john chen about that hack a couple of weeks ago. here is what he said. >> it's proven that blackberry devices and the server are a lot more secure than many of the solutions out there commercially available. at least it would help. i don't know whether it could have completely prevented it. >> what a story as well. and the journal did a nice job as well. unbelievable some investors still at sony may not have eradicated it completely. >> we still don't know everything about this, obviously. there is -- there clearly were lapses at sony. which is interesting. because sony had been hacked before. it had aroused the ire of some
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hackers some years ago with some things it had done and they should have been a company that should have been extra super invested in security. and i think they may not have been. and the hack was so thorough and so devastating that it is going to take them a while to put everything together. and i don't think the solution is just to go to blackberries. because the truth is that somebody could decide to go attack the blackberry network operation center, which is where they route the e-mail through. and, you know, anything can be hacked. >> but walt, we're getting a look with this journal piece of just how serious the hack was with the company now saying that the data was not just temporarily inaccessible. it was erased altogether. and right now we're talking about sony because it is in the head lines and "the interview" has been released and the company has been able to get over this hump with a short-term
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fix. but i'm wondering when we get into next year and people have this in the rear view mirror, how long it will take sony to catch up. >> i don't know how long it will take them to catch up. although in a funny way by dumping the entire contents of what they took out on to other sites i'm sure somebody at sony has retrieved it. and they can, you know, resume having access to it. at some point. certainly other people have retrieved it. so the real question is what's the lesson learned by the rest of us? corporations, governments, and even individuals about this? and the lesson should be that you have just got to take much, much greater precautions against this. i also think it's interesting that the argument is still going on as to who did this. i think that is a really interesting thing.
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>> walt, today marco delacava says that 2014 will be known as the year the market showed it dark side. and looking back. time could argue it was the year of the hacker. >> you could. and i think, you know, unless the sony thing was done in some other way, a lot of these things are done by just getting into one employee's password. by getting an employee to do something dumb in their e-mail by clicking on a link and all the things that i and every other tech reporter has written thousand times you shouldn't do. but people are busy and going through e-mail and you know the temptation is there. 2014, we had a tremendous i think justifiable loss of faith in the security of a lot of
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these corporate systems. >> very good point. also up today walt, a rough year for tablets. a new report from research firm abi says the tablet sales for app apple, amazon and google all expected to finish lower than they were. >> 2014. 2015 should be a lot better. overall sales rising about 15% in their view. and the android falling. in large part due to samsung. you have written about the tablet, walt. do you think it is going to bounce? >> i'm not sure exactly what has happened. remember that the modern tablet had been out about four years. we don't really know what the replacement cycle is of it. we know a lot about the replacement cycle of laptops and phones but not much about the replacement cycle of tablets. and i think one of the things that happened in 2014 was that a lot of people who had laptops
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had to replace them because of the windows xp expiration on microsoft's part. and so that may have caused people to not replace the tablets they had bought a year or two before. or it could just be that it's a longer natural replacement cycle. and i do think 2015 is likely to be better for tablets. especially as enterprises continue what looks like a pretty good head of steam. >> walt, that's what abi is attributing the rebound to. it says that even if the replacement cycle doesn't come around, that what it has termed the clipboard workforce will be the ground swell. that we'll see corporations spending to broadly adopt ipads. do you see 2015 as the year where that happens across the board. >> i do kayla. and here is the tip-off. apple, a company that's never cared very much about
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enterprise, they are happy to get in there be but don't have a frontal asset as, you know, did a deal with ibm. they have written a ton of enterprise apps for ipad. and tim cook has said more than once e that he see it is next big growth in the i-pad coming from the enterprise. they are not giving up on consumers but the enterprise is a big untapped market. he said that to me. he said it on your air i'm sure. and so yeah. i think the enterprise is the key. >> yeah. also be known as the year that eddy cue told you on stage that the pipeline is the best in 25 years. and finally you reviewed something call hotel my phone. tell us about that. >> okay. so you have been with people or you yourself. you have forgotten your phone or it's run out of power.
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what do you do? you borrow someone's phone. but the call is coming from an unfamiliar phone number. and that is not ideal. so these guy, a six person company, have come up with an app which if it's on both phones allows you to log in and actually text and make calls and see your contacts from your own phone number and from your own phone as kind of a virtual phone inside the one you borrowed. >> walt, how does this keep the person whose phone you are temporarily using from being able to pose as you after you have left their company? >> they would have to know your password. they would have to know your log in. and of course i suppose if they were a hacker they could do something. but hopefully your friends are not. and this is really meant for small circles of friends to share. but you would -- you have a password. and you have a user name. and unless you sign in, your
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virtual phone does not appear on the borrowed phone. >> finally walt we didn't discuss this in advance but if you could pick one story you think will define at least the early part of 2015, whether will it be? uber preparing to go public? apple pay? there is to much in the pipeline. >> financial stories, you might be right uber going public. but i think in terms of broad technology, i think mobile payments is going to be a huge story next year. and it's partly got to do with not just apple pay but the consortium of merchants led by walmart that is coming without their own mobile pay system. and the fact that a lot of stores are having to replace the old fashioned payment terminals they have with ones that will work conceivably with phones. so i think mobile pay is going to be a big deal next year. >> well we look forward to talking about the new year with
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you, kara and everyone at re/code over the coming months. happy new year. >> happy new year to you. >> we are closing out the markets with some green arrows here. all major averages are up right now. we're still shy of interday records, except for the russell 2,000 which we mentioned earlier. we had expansion of jobless claims this week. weaker than expected chicago pmi though pending home sales was steady. s&p 500 at 2084, the nasdaq up half of one percent. in the meantime check out shares of home depot. in rally mode despite no real news. it is see iing a --. and grub hub getting set to outperform. the firm also putting a the
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price target of $43 this morning. it might with a big night for people staying in, ordering food. that could be behind some of the boost this morning. >> uber's busiest day of the year tonight. when we come back. outdoor hockey coming to the nation's capitol. the owner of the washington capitals joins us first on cnbc. and uber worth 41 billion. and we're talking to the company behind the official champagne in time square.
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>> happy new year to you too. >> we look at what we saw this year in comparison to 1999 and 2000 and one of the things is we have twice as many companies right now worth more than a billion dollars than back then. what is the cause of that? >> well i think there is a variety of factors contributing to it. for one i think there is a perception that we are operating if a point in time with rapid technology adoption. and further more, the way that people are interacting and using technology is changing at a rapid pace. you combine that with the macro backdrop of a strong public market and low constitutional rights and capital is really flowing into private markets. so much so that there can potentially be a dislocation between private markets and public, where, you know, post ipo public markets are having a
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hard time maintaining the lofty prices. >> people have a hard time sean or they have had a hard time this year talking about where the end point in valuations is. we had an equity strategist on last hour saying the hard part is technology is absorbing a lot of industries so you can always make the argument for multiple expansion. where does that stop? >> i think what happened this year is you have few companies that served really as bell weathers that are really proving technology disruption of mainstream industries. uber is the one that gets a lot of head lines. what's happening is these valuations are accelerating at such a pace. you can recall uber turned heads a year ago at $3 billion valuation. now a $40 billion. they are really priced to perfection. where certainly investors love big markets and technology disruption but these companies need to continue to perform and grow at the expected rates
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because ultimately every company has to answer to the financial performance at some point. >> yes it's funny we get yelled it by even using the term start up now. $46 billion company is not a start-up. even though they might technically be that old. are all these valuations and access to capital negatively influencing the behavior of some of these ceos and founders? are they going on dangerous bends where it's regard to cap x or rents and the kind of things that silicon valley have been warning about. >> that is really one of the biggest concerns amongst venture investors, carl. there was a perception among some of the younger start-ups that capital is cheap. and when that perception exists amongst operators, there is a bias to ramp up the expense base, ramp up the cash burn with the expectation that there will be more money when you run out of the current capital base.
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the challenge you really need to keep pace from a top line perspective to continue expecting increased valuations. and, you know, right now you are seeing a lot of high risk, high reward investing chasing really low probability outcomes. the ubers of the world are few and far between. and like i said earlier, every company ultimately needs to be accountable for their financial performance. and we've seen successes in 2014 and we're going to continue to see successes in 2015 but there is also going to be a lot of companies that fail along the way. >> writing in fortune, that like uber or not they have changed the way that management needs to think about their respective companies do. you see another company like that out on the horizon that has the capability to change the economy the way that uber had? >> well i think uber is the highest profile company today. and we saw a lot of value
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creation amongst social media companies over the last several years. right now we're kind of in this period of the sharing or rental economy. uber being the highest profile. airbnb another one. task rabbit another company where they are people driven applications enabling people to connect through the social networks to perform tasks that were not done through technology previously. uber is a very interesting company because it is polarizing. it's got no shortage of bad press over the last six month, whether passenger safety, treatment of drivers. how are they going to behave as they enter new regulated markets? that said the valuation just keeps going up and up. and i've talked to investors that have participated in some of the most recent financings and it is their perception that this is a once in a generation company.
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>> polarizing might be one of the better adjectives people are used for uber. but happy new year and see you again in 2015. >> happy new year to too. >> if you are taking one of their cars tonight, you will probably want to pay attention to this segment. we'll tell you the best time to book that car in a moment. and groupon chairman and washington capitals owner will join us later on this hour. ♪ ♪ ♪ ♪ ♪ the evolution of luxury continues. the next generation 2015 escalade.
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fares between 12:30 a.m. and 2:30 a.m. you can see the peak of that mountain right there. suggested maybe book right when the ball drops to get the lowest price. >> when no one is looking. we'll see how that is tonight. europe is going to close in about 5 minutes. simon hobbs here wrapping up the year as well as the day. >> the final trades actually for most of europe. a lot of europe wasn't open today. it was a half day in most of the major markets today. so how are we looking now as we complete the year in europe against what's happened in this country? it is a stark underperformance. december was rough for european markets and they didn't recover as you have recovered here. the chart of the year and i'll show you do underperformance we have. the white line is the s&p 500 here. this is the stock 600 in europe. and you will see actually overall there is an under performance on european equities this year of 8%.
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now, if i break down the european market, and not all markets in europe are equal. some are much more bigger and important. the top three, germany france and u.k. you will see germany is positive, france is negative. the worst performing market in europe, of the major ones and of the major markets around the world is actually london. down 2.7%. in other words the u.k. market has under performed this market by 15% just on price action so far this year. partly because the u.k. has all those oil majors and mining stocks quotes within it. but also because of the bank of england because the u.k. isn't in the euro zone, the bank of england is moving towards hiking rates so that's kind of not given it the get up and go as you have had in other markets. just on the subject of the european central bank and sovereign qe, the ecb press
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office decided to put on its website an interview recently conducted with an a chief economist and he is giving one hell of a big hint sovereign qe is on the way. we could see negative inflation during a substantial part of 2015 and the ecb's governing council cannot simply look throw that. don't forget they meet january 22nd. three days later the greek election. in the wake of yesterday, the greek prime minister meeting with the outgoing president to ask for the dissolution of parliament. that was formalized today. to opinion polls here. show there will be no clear majority in the greek election. so that kind of diffuses the fear if you have it of the far left party coming to power. they are not trying to push greece out of the euro zone yet but thuey would like to renegotiate the debt. and one of the merkels allies
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today was unequivocable in a number interview he gave. the times we had to rescue greece are over. fl there is no potential of political blackmailive in anymore. when they go back to this and revisit after the election and whether the germans will say the same. that is an angle that merkel is speaking and i can't imagine they would want greece to drop out of the euro. though no doubt he will threaten that. it will keep us busy in january. >> yes it will. thank you so much. outdoor hockey coming to d.c. tomorrow as the capitals host the chicago blackhawks in the annual winter classic on nbc. how big is this game for the home team? we're going to ask washington capitals owner next on "squawk
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alley." as we go to break look at the top trending topics on google this year with robin williams on the top of that list. so you're looking for a loan? how's your credit? i know i have an 810 fico score, thanks to the tools and help on experian.com. and your big idea is hot dogs shaped like hamburgers? nope. hamburgers shaped like hot dogs. that's not really in our wheelhouse... you don't put it in a wheelhouse. you put it in your mouth. get your credit swagger on. become a member of experian credit tracker and find out your fico score powered by experian. fico scores are used in 90% of credit decisions.
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interview from nationals park is monumental sports and ceo and chairman. ted leonsis. >> good to see you. >> you don't have to be a hockey fan to know this is o as good as hockey gets. you must be really excited. >> it brings everyone back to being a young kid and skating outside on a pond and the players are really, really happy. the fans are all excited and yeah these are big events. great for the city and we're ready to crop the puck tomorrow. >> seems like every year it is a logistical challenge. whether ice and snow. this year appears to be the sun. are you worried about ice melting? >> i'm not. they have the world's experts here and everything is going to be great. they are just talking a little about the glare and maybe the puck won't drop at 1:30, it will drop at 1:45, 1:50, something
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like that. we are encouraging the fans to get here early just because of security here in the nation's capital. so we hope people get here and get settled in and drink lot of the hot chocolate and get ready for great hockey. >> what a year it's been in tech and valuations. every day we have some kind of conversation about whether all these valuations are deserved. what do you think the lessons of the past year have been, will be? >> i thought it was a very interesting year on the street. and i thought value started to find their way. sas businesses which were all the rage started to settle in a little more even though they are still maybe six to eight times valuation. revolution, growth. we're very interested in that space. also the e-commerce space and i think next year is going to be a really, really good year for the
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economy based on lots of little things that we're seeing. not only innovation and the investments that have been made into technology companies but something simple like lowering the price of gas. you know, it could be each consumer household is going to have $3,000 more of the discretionary income. and my belief is that, you know, especially millennial that they will repurpose those dollars, one into savings, two into paying down credit card debt and three into experiences like sports season tickets and video game as opposed to buying tickets at the box office. like traveling, family vacations. i also think healthcare will see some rebound as people want to spend on things like cosmetic surgery and dental work and the like. >> yeah. >> and it is a big infusion of discretionary cash that is going to come into the market. and i think we're going to have a good year.
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>> we certainly hope ted that it all comes back into the market and makes the u.s. story a healther one. i have to ask one of the big stories of the 2014 was the future of yahoo, especially given its valuation in the wake of alibaba ipo and o some investors are suggesting maybe yahoo and aol finally need to merge. i know you are a former aol executive. you spent a long time there? is that a good idea or ill intentioned? >> well i think both companies are doing well as media companies. but what we're seeing is where value is created is when you have true multiple revenue streams and trying to find services and subscription revenues. that's what both companies need to get to. and just being a media business, there's been this big shift into parameter programmatic buying, cbm rates
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are under attack right now. there is so much inventory out there. that is the issue facing first generation new media companies, how can they use their own inventories to launch subscription based services and software based services and tap into other revenue streams. >> cyber security, ted, one of the hottest topition of recent weeks. offhand in a so many companies across a variety of sectors. how much are you seeing the focus increase in protecting the firewalls and systems and how much money are you seeing some of these companies plugging into this? >> i really do believe that, you know, the sony hack and some of the things that happened literally one year ago around christmas with some of the big retailers has really sent a clarion call to all major corporations that protecting their customer data and
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protecting credit card information, protecting employee data really is becoming kind of job one. it is almost like being in a city and the mayor has to have policemen out there and make people feel they can trust going out the a ballpark or going out to eat and work thin that community. so yeah we're going to see big, big dollars. because it is state-sanctioned kind of attacks now. it is the next generation mafia, if you will. it is all of the bad guys from around the world are able to come in and steal credit card information, steal identity. and so yeah it is a big, big growth industry. but it's also the priority that if we want to continue to grow an internet-based economy, consumers have to feel trust. and right now that basic deliverable by our industry is
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deeply under attack. so i would expect that companies that are innovating and making investments in safety and security are going to do very, very well over the next couple of years. >> finally ted as we watch soft players warming up behind you. i'm thinking about what a year it's been in sports. whether the nfl troubles haven't really made arguably much of a dent in their ratings. the commissioner of the nba arguing for legal gambling. you have ballmer paying billions for the clippers. money continues to flow to the industry. i wonder if you see that changing at all. >> i do think each of the sports leagues as they continue to grow their influence and footprint are starting to internalize that we have to be role models. we have to understand our social responsibility to the communities that we serve. and so certainly the domestic violence issues, the issues
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around concussions, the issues around gambling, these are all issues that come back here to washington d.c. and we're all very, very interested and committed to making sure that, you know, the sports leagues and our teams are reflective of the values of all of the customers that we serve. and we have a lot of work to do. this year also was a large wakeup call. social media and the ability of cameras being everywhere. they really heightened the understanding that we live in this very transparent fish bowl kind of world and that we do have to serve as role models for our community. >> ted, it is always good seeing you. come back again and for longer next time. >> great thank you. and it's cold here. it's going to be a great day tomorrow and appreciate nbc and comcast and all the great work you are doing and presenting this game to a worldwide
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audience. >> ted leonsis joining us from the nationals park. the winter classic will be shown on nbc beginning 1:00 p.m. eastern on new years day. >> thanks to a new rule in california the cost of your new years brunch could be going way up. jane wells has the details in california. >> one breakfast down. one to go here. you got to break a lot of eggs to make a legislative omelet. and in order to provide egg laying birds with more room, egg prices are already started going up according to retailers. but next year they could go up as much as 40%. it still costs the same to run a hen house even if you have fewer hens in it. but this law was passed six years ago. egg producers have had six years to get ready for it. back in 2009, we were at a cage
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free organic farm. and this law was so confusing, they weren't even sure they were compliant. >> if you take the absolute strictest definition of prop two which says that a bird for the majority of the day, has to be able to extend her rings and turn a circle in the ground. that means you would have to have about 5 feet of space for every bird. and as you can plainly see they are very social. they like being near each other. they feel comfortable this way. if we gave them more space they wouldn't use it. >> all right the state finally decided you have to have enough space for about one square feet per bird. here is the deal. california imports about 20 million educatiggs a day. and california is saying all the other states are going to send us eggs, you have to abide by the same rules.
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and they sued. but they lost. they are appealing and in the meantime if those out of state producers starting tomorrow are not compliant with california's rule, we could have an egg shortage in california at a time when consumption is at a seven year high because beef is so expensive. i'm going to eat my omelet. >> great story. love your head line. n new rules are no yolk. >> when we come back. elon musk can't stop talking about the future. we'll tell you do latest project in just a moment.
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becuse to us, value is inseparable from values. whole foods market, america's healthiest grocery store. >> another beautiful shot of national's park there. the capitals getting ready for the winter classic. and coming up, less than five hours to trade in 2014. we're going to find out how the experts are positioning. and we're already trading the hottest ipos of 2015. who is likely to strike it big when they go public in the new year? and down to the wire for the playbook playoffs and the race couldn't be any closers. we have three traders who could win this title. that's coming up. >> a race to the finish. we'll be there.
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tesla ceo elon musk sounding off about new technology he's working on in what other than a pair of tweets this morning. he says quote, by the way we are actually working on a charger that automatic moves out from the wall and connects like a solid metal snake. for reels. and that is reels with a z. this can be used on all model s cars not just future ones. and shares up almost 50% in 2014. albeit a volatile year, carl. but leave it to musk to break his own news on twitter. >> a year in which he himself said the stock was a little expensive. things looked dicey for a while but back to 225.
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for reals? really? >> new day. and 2014 was a big year or i pos. dom chu is back with more on that for us. >> some of these have been for reals. huge ones for investors. this year 275 overall ipos. 55 were just technology alone as a sector. the average first day return about 25% and average total return since their ipo dates near 18%. so pretty good names. among the notable ones in the technology sector, true car up 160%. they went public back on may 16th. is a huge move there. also gopro shares. we talk about them all the time. that stock is off highs but still 173% to the upside since their june 26th ipo. and then one of our biggest ones here is a bio technology related
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ipo. that is radius and it's up about 375%. it debuted on june 6th of this year. they weren't all winners. some of the laggards, a chinese internet one. one of the biggest micro blogging services out there. it's shares are down about 16% since it went public on april 17th. and one other we want to focus on here as well. if you play candy crush saga on your smart phone or ipad, king digital. it is down about 30%. they went public on march 26th. but a huge year. 275 ipos this year. just 55 in technology. even more when you talk about bio tech. ing we'll see if that carries over into 2015. >> one story to watch. when we come back. have a drink on them. moet and shan don. the top topics on facebook this year and the dow up 38 points. bulldog: well pup, it's out with the old and in with the new
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during mattress discounters' year end clearance sale. pup: look! i found a red tag! bulldog: that means folks can save up to 40% on clearance mattresses. pup: oh! here's another! bulldog: that means up to 48 months interest-free financing on tempur-pedic. pup: i found another red tag! bulldog: what? where? pup: right here, silly! [laughter] bulldog: that tickles! mattress discounters' year end clearance sale ends soon. ♪ mattress discounters nothing says new year's eve quite ike a celebratory toast of champagne. in fact more than 20% of the annual champagne or sparkling wine sales here in the u.s. take place during the last three weeks of the year. that according to nielson and sales are bubbling. climbing the most in the u.s. since 2009 with 17.8 million bottles sold last year.
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joining us is the vice president of the moet and chandon u.s.a. the official champagne for new york's time square. >> thanks for having me. >> you will be ringing in the new year with the masses. >> it is very exciting for us. we are a partner of the time square new year's eve. and you would not think about a better match a more powerful combination. one side time square new year's eve. one million people in the street. quite spectacular. you have one billion people exposed. so it's quite exciting. and on the other side the global leader of the champagne category. every second a bottle is popping somewhere in the world. >> every second? >> as we speak. >> we can't hear them but we trust they are there.
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people equate new year's eve with popping a bottle of champag champagne. does that mean you don't have to market that much. >> actually we did a study with people's behavior towards champagne and quite a focus on the millennial as well. and right on one hand really new year's eve is such champagne moment. 50% of the american people definitely want to open a bottle of champagne for new year's eve. when you look at the millennial it becomes 75% o them who definitely want their champagne. of course champagne is much more than that. new year's eve is part of it but of course there is a lot of celebration opportunities. >> perfect temperature for serving? >> it is 9 degrees, french degrees. >> celsius. right. we'll do the math later on. and do you mind when people put
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strawberries or in or is it so precious it needs to be enjoyed the way it is. >> good question. i think we don't want to put people in boxes. if someone enjoys doing it and has a lot of fup doing sn doing. and certainly it is something you don't have to do one way. the. >> has the harvest been good. >> the harvest is very promising. >> and 50% of people who drink champagne do so in jeans and a tee shirt. is this really the a casual drink. >> yes. on the one hand you have the big moments the formal moments the new year's eve t graduation, the wedding. and it is great. it is part of the heritage and tradition. on the other hand there is increasingly a lot of other new opportunities to enjoy champagne. an example we launch ed a champagne designed to be enjoyed
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with ice cube in it. in a large glass. so really an innovative different spin to champagne. and really you don't want to put it in a box. it's something you can enjoy a lot of different moments. >> people are trying to argue this is the year for proseco. >> i think the more people who come to the bottle universe the better. and it's great opportunity for growth in the future. i see it basically as good news for us. >> you don't see people moving down the price scale and saying there. >> when you talk to retailers, it's hard to generalize but new people to the bubble yourself and it's e good news for us. >> finally, if i pay $300 for a
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bottle, am i overpaying or is some champagne really that good? >> you don't have to go to 300s. but there are different bottles and it's gooed to try different sizes. >> -- >> great to see you. best of luck with the crowds in time square. and stay warm tonight. >> happy new year. >> happy new year. >> when we come back, if ydon't want your kids to stay up past midnight, netflix has your back. in my world, wall isn't a street... return on investment isn't the only return i'm looking forward to. for some, every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything
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one minute to new year's eve in bangkok thailand. tokyo, beijing hong kong in the last hour. 12 hours till we get our in new york city. >> seems like he has a fun night ahead. >> hard to disagree. parents if you don't want your kids to stay up past minnesota, netflix can help you out. an on demand new years countdown and families can start streaming any time they like. it is one idea for those of us
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with kids. >> it's such a great night. yes. as we look back at the 2014 look ahead hp new year to you. let's get to wapner and the half. >> it is just about to happen. there are the fireworks. welcome to the halftime show. it is midnight in bangkok where they are ringing in the new year. it is noon on wall street. 12 hours left in 2014 and let's meet our starting lineup for our final show of the year. steven weiss is the managing partner of short hills capital. jim lebenthal. jon najarian is in chicago for us today. and paul richards is here today. and domonic chu is with us as well for the hour. >>
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